Coop Pank AS results for July 2021
Coop Pank’s financial results in July 2021:
- In July, number of the bank’s clients increased by 2,100 and reached 102,300 by the end of the month. Over the year, customer base has grown by 34%.
- Volume of the bank’s customer deposits increased by 2 million euros, reaching 893 million euros by the end of month. Deposits of corporate customers increased by 27 million and deposits of private customers by 3 million. The volume of deposits attracted from international platforms and other financing decreased by 28 million euros. Over the year, volume of bank deposits has grown by 37%.
- The bank’s loan portfolio increased by 22 million euros over the month and reached 794 million euros by the end of July. Over the year, loan portfolio has grown by 39%.
- Compared to the first seven months of last year, the bank’s net income has increased by 25% and expenses by 20% during the same period this year.
- The bank earned net profit of 1,3 million euros in July, in the first seven months of the year the bank has earned 105% more profit than in the same period last year.
- In July, Coop Pank’s return on equity was 14.9%, the cost-income ratio was 57.3%.
Comment by Margus Rink, Chairman of the Management Board of Coop Pank:
“Despite the beautiful summer weather and the holiday season, in July Coop Pank’s loan portfolio showed decent growth both in business loans and home loans. This shows that despite the ongoing health crisis, both Estonian people and Estonian companies have confidence towards the future.
The inflow of domestic money continued into the deposit portfolio, which allows us to repay more expensive foreign resources.
The growing business volumes are constantly increasing the bank’s revenue base, and in July we earned the best monthly profit ever, which is 1.3 million euros.”
More detailed quarterly reports of Coop Pank are available at: https://www.cooppank.ee/en/financial-reports
Coop Pank, based on Estonian capital, is one of the five universal banks operating in Estonia. The number of clients using Coop Pank for their daily banking reached 102,300. Coop Pank aims to put the synergy generated by the interaction of retail business and banking to good use and to bring everyday banking services closer to people’s homes. The strategic shareholder of the bank is the domestic retail chain Coop Eesti, comprising of 330 stores.
Additional information:
Kerli Lõhmus
CFO
Phone: +372 669 0902
E-mail: kerli.lohmus@cooppank.ee
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